EUR/USD remains supported by receding risk aversion as stocks come up for air after days of being held under water. The S&P is up 17 points, near the best levels of the day. EUR/USD topped out in New York at 1.2651 yesterday. We reached the 45 area a few moments ago. Small offers are seen ahead of 1.2650 with larger offers eyed at 1.2675/80 Stops are seen on a 1.2685 break. We remain reluctant to fade this rally in the belief that US equities are oversue for a sharp short-covering rally. We would not be comfortable selling until the 1.29/1.30 area.